CDNS secures Rs30bn in Islamic finance bonds in 1QFY24

October 24, 2023 (MLN): The Central Directorate of National Savings (CDNS) has secured Rs30 billion in Islamic finance bonds in the first quarter of the Current Fiscal Year 2023-24.

The National Savings has issued Islamic bonds for the promotion of the Islamic finance system, which will help the development of the Islamic economy in the country, a senior official of the Directorate of National Savings told APP on Tuesday.

Replying to another question, he said the CDNS had collected an investment of Rs16bn in July 2023-24 through Islamic investment bonds.

He added that the directorate had set a target of Rs75bn for the new financial year 2023-24 for Islamic finance bonds.

Replying to another question, he said the CDNS aimed to introduce new dimensions in the Islamic finance sector.

He informed that CDNS had achieved the set target of Rs60bn  in the fiscal year (2022-23) for Islamic investment to introduce the new products in the market.

 "Islamic finance has a very important role in the global financial sector at this time, and a large part of the economy of many major countries currently includes Islamic finance," he added.

The senior official of CDNS said that work was being done on institutional reforms in CDNS and new reforms and innovations were being introduced.

"Islamic finance has a very important role in the global financial sector at this time, and a large part of the economy of many major countries currently includes Islamic finance," he added.

Given the current market trend in the country, the ambitious target had been set to further improve the savings culture, he said.

Replying to a question, he said CDNS had achieved a target of Rs435bn in fresh bonds in the current fiscal year, from July 1 to October 23.

The CDNS surpassed the annual target and achieved the target of Rs1.6 trillion in fresh bonds in the current fiscal year.

He said this was an Rs200bn additional annual target than the target of Rs1.3tr for the previous financial year 2021-22.

"The CDNS has set a reviewed saving target of Rs1.4tr for the current financial year (2021-22) which will promote savings culture in the country," he said.

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